• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Trade

Crypto Market Analysis: 1st February 2021

Guest Author by Guest Author
4 weeks ago
in Trade
Reading Time: 4min read
market analysis
Advertisement

It was an eventful week for investors of all kinds. Momentum was injected into markets by Joe Biden’s apparent election win and the news of the Pfizer and BioNTech vaccine trial showing a 90% efficacy. The S&P, Dow Jones and the FTSE 100 all rallied significantly on the news before the upward trend leveled off. Bitcoin didn’t miss out either as it too touched another major milestone reaching $16,000 and hovering around the price over the weekend.

Simon Peters, analyst, eToro: Bitcoin braced for a bullish breakout? 

Bitcoin’s rise and rise continued as it touched another important threshold. The cryptoasset moved through $16,000 as prices observed an ‘upward continuation pattern.’ As part of that we would expect prices to break out and then head in the direction of the prevailing trend. There is a good chance we will see a bullish breakout and, if we do, expect bitcoin to head up towards its next price threshold of $17,500. If we do get there, that would get us back to a resistance level last seen in January 2018 when prices failed to push any higher after a major drop from the all-time high of $20,000. It will be interesting to see what happens, but I remain bullish on bitcoin’s prospects over the long term.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

With the US election now (almost) behind us, attention is returning to fiscal stimulus. With the rolling out of any COVID-19 vaccine likely to occur deep into 2021, all indications are that a package will still be required to prop the US economy up. With bitcoin increasingly cementing its status as an effective inflation hedge and huge amounts of liquidity set to be pumped into main street USA, that could be another catalyst to finally take the world’s most popular cryptoasset past $17,500.

Altcoin activity presenting opportunities 

The price of Ethereum has risen favourably too, from $369 a month ago to $453 today, and altcoins like Tezos and Cardano may be presenting attractive buying opportunities for many investors. Tezos had suffered earlier this year after reaching all-time highs but, with falling prices seemingly checked, many might see this as a good point to reconsider their position.

The ETH 2.0 launch continues to loom large. With 16,384 nodes required 7 days before the scheduled launch and each needing 32ETH, it is looking increasingly likely that the launch date of the 1st December will be delayed. Just over 11% has been staked toward that ETH 2.0 target, which indicates that a delay is imminent, but encouragingly the number of addresses with 32ETH+ is at an all-time high. Perhaps investors are waiting to see what happens.

If ETH 2.0 does defy the odds and launches on time, then we could see an investor influx to take advantage of staking rewards. Validators are rewarded for adding blocks to the blockchain. If investors are doing their bit for the ecosystem, then those rewards will be distributed and that might be the incentive needed to see more action. Once things do get up and running, we could see further influxes into Ethereum as a result.

Rishi’s CBDC to be rolled out? 

Rishi Sunak has suggested in a tweet that the BoE and Treasury are considering CBDCs, but “as a complement to cash” not an alternative to it. No doubt UK society will increasingly move towards being fully cashless and this initiative could and should play its part. The CBDC has options to either roll out via a centralised ledger or a decentralised system. Either way, it’s good to hear that the UK government is considering CBDCs. If they weren’t, the UK could risk being left behind by other global powers like China or private companies launching stable coins.

Looking ahead this week, we will be watching closely for signs of fiscal stimulus as the US Senate settles down. We will also continue to monitor how the ETH 2.0 launch progresses as time ticks down toward the deadline.

PayPal speeds up crypto rollout

PayPal, which was onboarding customers who were interested in crypto to be able to buy, sell and hold various coins, has now dropped this waitlist. Instead, all customers in the US will be able to use the service without being required to register interest. I continue to be of the view that this is a hugely positive move for crypto adoption, opening up a potentially massive user base to cryptoassets. The community agrees, especially given the price movements we saw last month following the initial announcement.

 

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results. 

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

 

Image by Free-Photos from Pixabay
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Guest Author

Guest Author

Related Posts

crypto traders

Discover How Crypto Traders Are Benefitting by Holding Crypto

1 week ago
Crypto Roundup: February 1st, 2021

Crypto Roundup: February 1st, 2021

4 weeks ago
Crypto Market Analysis: 25th January 2021

Crypto Market Analysis: 25th January 2021

1 month ago
Crypto Roundup: January 25th, 2021

Crypto Roundup: January 25th, 2021

1 month ago
Crypto Roundup: January 4th, 2021

Crypto Roundup: January 4th, 2021

2 months ago
crypto market analysis

Crypto Market Analysis: 4th January 2021

2 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

60-Minute IFO, 187 Times Over-Raised, 40 Times the Price, 98 Million US Dollar Marketcap: Berry Data Has Become a Bright Star on BSC

February 26, 2021

Get Your Brand New Tokens on Defiqa’s Presale

February 26, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.